In 2024, the National Capital Region (NCR) witnessed a significant shift in the residential real estate market, reflecting an ongoing trend of premiumisation in the housing sector.

According to the latest report by real estate consultancy firm Knight Frank India, properties priced above Rs 1 crore have contributed to 80% of the total residential sales volume in the region.

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The region also witnessed an on year sales growth of 84% in the Rs 2-5 crore segment, with 18,997 units sold in 2024.

It highlighted that the Rs 1-2 crore and Rs 2-5 crore segments emerged as the most active, with major developers offering projects in prime areas of the region.

This surge in sales, especially in the premium and luxury segments, is reshaping the dynamics of the NCR housing market, while the affordable housing segment has faced challenges.

As per the report, the high-end property market in NCR, particularly homes priced above Rs 1 crore, has witnessed substantial demand, constituting 80% of the total residential units sold in 2024.

The Rs 1-2 crore price range saw the highest sales volume in NCR, with 19,111 units sold in 2024, and this segment alone accounted for over 33% of all residential sales in the region.

NCR has led the sales volume in the Rs 2-5 crore, Rs 5-10 crore, and Rs 10-20 crore categories, surpassing other major real estate markets in India.

The region saw a YoY sales growth of 84% in the Rs 2-5 crore segment, with 18,997 units sold in 2024.

This segment accounted for the highest sales volume in NCR with 19,111 units sold. The 33% contribution of this category to the total residential sales further reinforces the growing preference for larger, more luxurious homes.

In the range of Rs 2-5 Crore, NCR recorded the highest sales across eight major markets in the country. Sales surged by 84% YoY, reaching 18,997 units in 2024, contributing to 38% of the total sales in this price band across the country.

NCR led the sales in the Rs 5-10 crore category, with a 34.6% increase in sales volume, from 5,469 units in 2023 to 7,361 units in 2024.

The Rs 10-20 crore segment also saw growth, with 397 units sold in 2024, a 44% increase compared to 275 units in 2023.